Tianjin Shunhang Shipping, the controlling shareholder of Chinese domestic dry bulk shipping firm CSC Phoenix, has signed an official agreement with Guangdong Wenhua Furui Investment to transfer of its entire 17.89% equity shares in CSC Phoenix for RMB1.9bn ($274m).
The two parties signed a letter of intent for the deal in January however the deal was delayed as Tianjin Shunhang’s shares in CSC Phoenix was frozen in legal cases.
Tianjin Shunhang Shipping put the CSC Phoenix shares for sale following it failed to restructure the company into a dredging company last year.
Guangdong Wenhua Furui Investment, which is mainly engaged in the businesses of automobile trade and real estate, has become the third owner of CSC Phoenix in less than three years. The company said it would inject quality assets into CSC Phoenix and commence a restructuring in the next 12 months.